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Credit card debt settlement is one of the small number of feasible avenues available to those stuck in credit card debt. But like anything else in life it does come with it's individual pros and cons.

First let us unveil the cons.

1. In most cases your FICO credit score will go down. No credit issuer will be willing to make a negotiation until you have fallen behind for at least a couple of months. So when you are past due your FICO credit rating will take a negative hit. However the bad strikes from credit card debt settlement are correctable, a good credit cleanup agency can get those negatives taken off your credit history.

2. Harassment from debt collection agencies. As you can see you will receive phone calls in an attempt to collect the debt. Depending on what company you hire for debt settlement, collection calls can be seriously reduced if not stopped. But you will receive calls to some extent.

3. There are the potential for lawsuits. This is always a possibility, while it does not occur anywhere near as much as one might think it does happen. Again with a legitimate company this process can be delayed so a deal outside of court can be reached. When you are being sued the creditor filing for suit usually is aware that they will not collect the full balance and the creditor is often times very agreeable to make a settlement.

Now for the pro's.

1. The large amount of savings! You can honestly look to save between 40-50% of the current balance. Not only will you save money off of your current balance, but you must take into consideration the amount of cash you would be forfeiting through monthly minimum payments and high interest.

2. Get out of debt much faster than otherwise possible. Of all the credit card debt relief avenues, settlement will put you on the fasted path to becoming free of your debts. You can be looking to get out of debt within 2 years or less. This is a far cry away from how painfully long it would take to be out of debt through minimum payments.

I personally know the pros do considerably outweigh the con's. Nothing is worse than forfeiting hundreds if not thousands of dollars every month for what could be decades through monthly minimum payments and high interest. Debt with credit cards is death to your financial situation. How in the world can you save or invest for the future when you are just trying to get by each month to stay current with your credit card.